It's still a better deal to buy than rent a home in some of the 100 biggest cities in the US
In December, the average price for homes listed on sale was $375,000, according to Realtor.com. At the same time, the typical renter paid $1,651 on average, eclipsing the typical mortgage payment of $1,407, assuming buyers put down at least 10% on their home. that in about three-quarters of the 100 largest metropolitan areas it tracks, homeownership remains the better financial option.
In Fort Myers, Florida, which Realtor.com ranks as the top market to buy rather than rent, homeowners can expect to pay $444,450 for the typical home, with an average mortgage payment of $1,796. In the same city, renters are paying on average $4,005 a month. The disparity is attributed to a dearth of available units, which has created a vacuum in the market.
Although renters in San Antonio and Scranton have more rental options, they face a similar reality as rents also surpass mortgages in these cities. In San Antonio, renters are paying on average $3,178 each month, while renters in Scranton are dropping $2,156 for the typical rent payment. Mortgages in both cities sit considerably lower, amounting to $1,414 and $715 each month, respectively.
"Last year we saw really pretty staggering rent growth," Chris Salviati, senior housing economist at Apartment List told Realtor.com."That level of rent growth is not something we had experienced at any time in recent pre-pandemic history." According to the rental listing website'sAs home prices and rents are likely to continue growing this year, Americans concerned with affordability may want to stick to buying after all.
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